Understanding Beneficial Ownership Information (BOI)
The Beneficial Ownership Information (BOI) filing is a new requirement for businesses to report key details about their owners to FinCEN, with steep penalties for late or non-filing. Many accounting firms aren’t offering this service, while attorneys charge high fees. Unique Advisors provides an affordable alternative, ensuring businesses meet their BOI obligations on time and avoid costly penalties.
Jason Bradley - Unique Advisors, Owner
9/19/20242 min read
Understanding Beneficial Ownership Information (BOI) Filing: What You Need to Know
If you own or manage a business, you may have heard about the Beneficial Ownership Information (BOI) filing requirement. It's part of a broader effort by the government to increase transparency and combat financial crimes like money laundering and fraud. But what exactly is BOI, why is it important, and what happens if you don’t file on time?
What Is BOI Filing?
The Beneficial Ownership Information (BOI) filing is a new reporting requirement introduced by the U.S. government. It requires certain businesses to disclose key details about their beneficial owners, the individuals who ultimately own or control the company. This information is reported to the Financial Crimes Enforcement Network (FinCEN) to help prevent misuse of businesses for illicit purposes.
Who Needs to File?
If your business is a corporation, LLC, or similar entity, you may be required to file a BOI report. The filing identifies individuals with substantial ownership or control of the company, typically defined as holding 25% or more of the ownership interests or having significant decision-making authority.
Penalties for Not Filing BOI on Time
Missing the BOI filing deadline can lead to severe consequences. If you fail to submit your report on time, the penalties include:
Fines: Businesses can face penalties of up to $500 per day for late filing.
Criminal Charges: In extreme cases, failure to file could result in criminal penalties, including fines up to $10,000 and even imprisonment for those responsible.
These penalties make timely filing critical to avoid unnecessary financial and legal trouble.
The Problem: Why Filing Is Expensive
Many businesses are facing challenges with BOI filing because of the complexity of the process and the high costs of hiring professionals to handle it. While you might think your accounting firm can take care of this, many accounting firms are not offering BOI filing services. On the other hand, attorneys are charging high rates, sometimes pricing small businesses out of a solution.
The Solution: Unique Advisors
At Unique Advisors, we recognize the financial burden that BOI filing can place on small businesses. That’s why we’ve made it our mission to offer a cost-effective alternative to traditional law firms, ensuring that your BOI filing is completed on time and at a fraction of the cost.
With our expertise in financial consulting and business compliance, we simplify the filing process, taking the hassle out of meeting the BOI requirements. Our team is dedicated to providing a seamless experience so that you can stay focused on running your business without worrying about filing deadlines or costly penalties.
Why Choose Unique Advisors?
Affordable Rates: We provide a low-cost solution to meet your BOI filing needs without breaking the bank.
Expert Guidance: Our team of professionals ensures your business complies with all the necessary regulations.
Timely Filing: We work diligently to ensure your BOI report is submitted on time, helping you avoid costly penalties.
Beat the Deadline—Get Started Today!
Don’t risk the financial penalties and legal consequences of missing the BOI filing deadline. Let Unique Advisors handle the process efficiently and affordably. Contact us today to learn more about how we can help you get your BOI filed before the deadline—without the high costs.